My colleague Dan Gross recently wrote about the National Association of Realtors’ history of predictions that make meteorologists look spot-on. He’s right: it’s always wise to treat broker happy-talk skeptically, and that includes the NAR’s prediction of a housing market rebound in 2008. But amid their blarney, the realtors do make some valid points about how much is right with the economics that support the buying and selling of homes. Unemployment remains low. Interest rates remain very attractive by historic standards. It may be a less-than-stellar time to sell a house, due to extraordinarily high inventory levels, but it sure is a great time to buy one. Since many homes are bought by first-timers, who needn’t worry about selling a current house before they buy one, there is a pool of buyers who should stand ready to make offers.
A localized analysis for the Charlottesville area is in the works.
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